Bank of England maintains interest rates

The Bank of England has maintained interest rates at 0.5 per cent, and has kept its monetary easing program steady.

The Bank’s Monetary Policy Committee voted 8-1 to maintain rates, with Ian McCafferty once again being the only dissenter, who wanted to raise rates by 25 basis points.

The committee voted unanimously to keep the asset purchase programme at £375bn.

The committee added: “All members agree that, given the likely persistence of the headwinds weighing on the economy, when bank rate does begin to rise, it is expected to do so more gradually and to a lower level than in recent cycles.

“This guidance is an expectation, not a promise. The actual path bank rate will follow over the next few years will depend on the economic circumstances. ”

The decision to hold rates marks six and a half years of rates at 0.5 per cent.

Today has been dubbed Super Thursday, with the release of the latest interest rate decision, a press conference from Bank of England governor Mark Carney, minutes from the most recent Monetary Policy Committee meeting, the voting breakdown on the interest rate decision, the latest inflation report and a report from the Independent Evaluation Office.